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Oil prices fall by about 1% at settlement after Trump's remarks
Oil prices fell by about 1% during trading on Thursday, January 23, at settlement, after US President Donald Trump's remarks during a virtual participation in the World Economic Forum in Davos, Switzerland, in addition to a decrease in US crude oil inventories less than expected during the past week.
Brent crude futures fell by about 71 cents, or 0.9%, to $78.29 per barrel, at settlement.
US crude futures also fell by 82 cents, or 1.09%, to $74.62 per barrel, according to Reuters.
This comes after Trump said on Thursday that he would ask Saudi Arabia and the Organization of the Petroleum Exporting Countries to reduce the cost of oil.
The US president also added that his country has the largest amount of oil and gas compared to any other country and that these quantities will be exploited. This raised concerns about the increase in oil supply.
This coincided with what the US Energy Information Administration data revealed on Thursday, of a decline in crude oil inventories in the United States during the past week ending January 17 for the ninth consecutive time in the longest decline since January 2018. However, the decline was less than expected by one million barrels to 411.7 million, compared to analysts’ expectations of a decline of 1.6 million barrels, according to a Reuters poll.
